Rising fuel prices have driven transport companies across India to hike their costs ranging from a 10% increase and above. Garment traders in the country have expressed their anxiety over the impact of this cost escalation. With no relief visible at least in the immediate future, the petrol prices crossing INR 82 has become a matter of grave concern.
The escalation will take effect from October 1. Garment traders from the southern belt have already planned to hike the prices of readymade garments by 0.5% to mitigate the occurrence of major losses. Trade experts were of the opinion that the escalation in fuel prices is not going to end any time soon. They also expressed fears arising out of projections made in trade circles which indicated that prices of petrol, diesel and LPG, might cross the INR 100 mark.
A section of garment traders who were hoping for remedial measures to come into effect advocated that all petroleum products be brought under GST. Pointing out that taxes on petrol and its derivatives were exorbitantly high, the garment traders strongly argued in favor of including petrol under the GST regime.
Currently, feelers are being sent to the Finance Ministry and PMO for relief measures. The traders said that if the government fails to respond, they will resort to mass protests against the transport hike.